Oil stays above $104 amid Ukraine jitters

A Ukrainian soldier controls a road outskirts of Izyum, Eastern Ukraine, Thursday, April 17, 2014. Ukraine is hoping to placate Russia and calm hostilities with its neighbor even as the U.S. prepares a new round of sanctions to punish Moscow for what it regards as fomenting unrest. (AP photo/Efrem Lukatsky)
The Associated Press

A Ukrainian soldier controls a road outskirts of Izyum, Eastern Ukraine, Thursday, April 17, 2014. Ukraine is hoping to placate Russia and calm hostilities with its neighbor even as the U.S. prepares a new round of sanctions to punish Moscow for what it regards as fomenting unrest. (AP photo/Efrem Lukatsky)

The price of oil edged higher Monday and stayed above $104 per barrel as investors watched the simmering tensions in Ukraine.

U.S. crude for May delivery rose 7 cents to $104.37 on Monday, after a three-day holiday weekend.

Markets are on edge at the possibility of European or U.S. sanctions that might disrupt Russian oil exports. Tensions got worse after an Easter morning shooting at a checkpoint manned by pro-Russian insurgents.

Upward pressure on oil prices was offset last week by a U.S. Energy Department report that showed an increase of 10 million barrels of crude oil supplies, the largest in 13 years.

Brent crude, an international benchmark for oil, rose 42 cents to $109.95.